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Initiated in 1828 by James Silk Buckingham, it was sold within a few weeks to Frederick Maurice and John Sterling, who failed to make it profitable. In 1829, Charles Wentworth Dilke became part proprietor and editor; he greatly extended the influence of the magazine. In 1846, he resigned the editorship and assumed that of the Daily News of London, but contributed a series of notable articles to the Athenaeum. The poet and critic Thomas Kibble Hervey succeeded Dilke as editor and served from 1846 until his resignation due to ill health in 1853.

From 1849 to 1880 Geraldine Jewsbury contributed more than 2300 reviews. She was one of very few women who reviewed for the Athenaeum and started submitting her reviews regularly by 1854. She rated highly novels that showed character morality and were also entertaining. She criticized the "fallen woman" theme, which was common in Victorian literature. During the second half of the 1850s, Jewsbury was entrusted with editing the "New Novels" section.[2]

A letter from J. S. Cotton, reportedly printed during 1905, definitively tells of the first-ever reference to the playing of a match of cricket in India.[citation needed]

In 1921, with decreasing circulation, the Athenaeum was incorporated into its younger competitor: the Nation, becoming The Nation and Athenaeum. In 1931, this successor publication merged with the New Statesman, to form the New Statesman and Nation, eliminating the name Athenaeum after 97 years.